“One of the country's largest insurance companies says it needs to tweak some of its property and casualty insurance plans, after announcing it will book about $270 million in expenses stemming from recent catastrophes.
On Monday, Intact Financial Corp. said the costs are related to the flooding in Alberta and Toronto and the deadly Lac-Megantic train derailment in Quebec.
"The devastation brought on by recent flooding and torrential rain is unprecedented," said Charles Brindamour, Intact's chief executive officer, in a statement.
"The scope of the damage and destruction that we have witnessed in recent weeks is a stark reminder that we must adapt the protection offered to Canadians to ensure it remains sustainable in light of the greater prevalence and severity of weather events."
